ET Now: This year, L&T is up something like 46% and BHEL has been a marked underperformer. Now historically if I map how BHEL and L&T have moved, they always have moved in a synchronised manner but currently there is a stark difference.

Sajiv Dhawan: I cannot answer the reason why apart from the fact obviously more money is flowing into L&T. The management of Larsen has been more than fair with investors and shareholders over the last year or two. The stock performance is based on fundamentals. Even now at 1400 sort of level, the stock is not tapering off. Yes, BHEL is struggling. I am not sure if that is the case of a public sector company versus a private sector company, where institutional money has flowed more into Larsen. But from where we see it, not only investors but a lot of speculative interest is creeping back into Larsen.